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Construction of BAIC, IDC Coega auto plant to be completed in Q1 2018

By: Irma Venter     30th August 2016 Chinese vehicle manufacturer Beijing Automotive Group (BAIC) and South Africa’s Industrial Development Corporation (IDC) on Tuesday announced the establishment of a new vehicle plant, to be located in the Coega Industrial Development Zone (IDZ), near Port Elizabeth. It will be the first new car... 

Construction of BAIC, IDC Coega auto plant to be completed in Q1 2018

IDC seeks strategic partner for struggling Scaw unit

By: Terence Creamer     30th August 2016 The Industrial Development Corporation (IDC) has initiated a process to find a strategic equity partner for its struggling steel subsidiary Scaw Metals, which reported a loss of over R1-billion for 2016. Speaking at the IDC’s financial results at the Coega Industrial Development Zone, in the... 

IDC seeks strategic partner for struggling Scaw unit
Photo by Duane Daws
IDC CEO Geoffrey Qhena

Qhena confident solar project commitment will be ‘honoured’

By: Terence Creamer     30th August 2016 Industrial Development Corporation (IDC) CEO Geoffrey Qhena expressed confidence on Tuesday that projects that had been adjudicated under the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) would proceed, despite the recent resistance shown by Eskom to signing a power... 

Qhena confident solar project commitment will be ‘honoured’
Photo by Duane Daws
IDC CEO Geoffrey Qhena

Eskom’s IPP pushback continues despite Cabinet endorsement

By: Terence Creamer     30th August 2016 Despite Cabinet having insisted at its recent lekgotla that South Africa has no intention of “changing course midstream” in its support of the independent power producer (IPP) programme and notwithstanding that all determinations are in terms of official Ministerial determinations, State-owned... 

Eskom’s IPP pushback continues despite Cabinet endorsement

Brown tells Eskom to release coal contracts report

By: Reuters     30th August 2016 Public Enterprises Minister Lynne Brown said on Tuesday she had asked State-owned power utility Eskom to immediately provide a report required by the Treasury, which is investigating the utility's coal contracts. Brown said she was concerned a public row between the Treasury and Eskom could lead... 

Brown tells Eskom to release coal contracts report
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Preventative measures necessary to stop China dumping steel – Solidarity 

By: Natasha Odendaal     30th August 2016 Trade union Solidarity on Tuesday raised an alarm about the potential collapse of South Africa’s already-strained steel industry as cheap imports and “unfair trade practices” threaten the sustainability of local steel producers. Presenting its views to the International Trade Administration... 

Preventative measures necessary to stop China dumping steel – Solidarity 

Stop the mud slinging over Hawks and Gordhan, says ANC

By: African News Agency      30th August 2016 The ongoing public spats around the Hawks and Finance Minister Pravin Gordhan brought confusion among South Africans and should stop, the African National Congress (ANC) said on Tuesday. ANC secretary general Gwede Mantashe said the matter should be dealt with within the security cluster and... 

Stop the mud slinging over Hawks and Gordhan, says ANC
Photo by Reuters
ANC secretary general Gwede Mantashe

Koeberg Unit 1 reaches 455 days of consecutive operations

By: Creamer Media Reporter      30th August 2016 State-owned power utility Eskom on Tuesday marked a milestone for Koeberg power station’s Unit 1 nuclear reactor, which achieved 455 days of continuous operation, surpassing the 2001 record of 454 days. The unit was returned to service on June 2, 2015, after undergoing a maintenance and... 

Koeberg Unit 1 reaches 455 days of consecutive operations

Makhura, Gauteng mayors to discuss province’s reindustrialisation programmes

By: Megan van Wyngaardt     30th August 2016 Gauteng Premier David Makhura will, in the coming month, meet with the province’s newly elected mayors to discuss ways of advancing programmes to reindustrialised the city region. This includes the Democratic Alliance’s Tshwane mayor Solly Msimanga and Johannesburg mayor Herman Mashaba, as well... 

Communication costs hindering South Africa’s BPO potential

By: Natasha Odendaal     30th August 2016 South Africa has what it takes to become a business process outsourcing (BPO) “destination of choice”; however, the high cost of communication is limiting its potential. Deloitte South Africa on Tuesday said South Africa’s BPO industry accounted for 1% of global revenue in 2014, with expectations... 

Redefine to acquire all of Pivotal’s issued shares

By: Anine Kilian     30th August 2016 JSE-listed Redefine Properties and fellow JSE-listed Pivotal Fund have signed an implementation agreement to enable Redefine to acquire all of Pivotal’s issued shares.   When concluded, Pivotal shareholders will hold 138.54 Redefine shares and 9.38 shares in property development company Echo... 

Water pollution rises across continents, hundreds of millions at risk

By: Anine Kilian     30th August 2016 Water pollution has increased significantly across three continents, placing hundreds of millions of people at risk of contracting life-threatening diseases like cholera and typhoid, United Nations Environment Programme (UNEP) warned on Tuesday. In its latest report titled ‘Snapshot of the... 

Human settlements dept committed to tackling housing backlog

By: Anine Kilian     30th August 2016 The Department of Human Settlements (DHS), along with the Estate Agency Affairs Board (EAAB), expects to deliver 271 048 title deeds to beneficiaries of government’s low-cost housing programme by the end of March 2017. Briefing the Portfolio Committee on Human Settlements in Parliament on... 

CSIR elections prediction system showed good results in recent polls

By: Keith Campbell     30th August 2016 The Council for Scientific and Industrial Research (CSIR) has enjoyed considerable success in its operation to predict the outcomes of the recent local government elections, in the crucial (for the media and political analysts being interviewed) period between the closing of the polls and the... 

CSIR elections prediction system showed good results in recent polls

Record results for Cashbuild, notwithstanding tough operating environment

By: Megan van Wyngaardt     30th August 2016 Building materials retailer Cashbuild on Tuesday reported record results for the year ended June 30, with operating profit up 33% to R612-million and an operating profit margin of 7.1%, compared with 6% in the prior year. Revenue was also up 13% to R8.7-billion. 

Entries for Western Cape entrepreneurship awards to close soon

By: Anine Kilian     30th August 2016 Western Cape businesses have two weeks left to enter the Premier’s Entrepreneurship Recognition Awards (Pera). The programme, which is cosponsored by Absa Bank, celebrates entrepreneurs who contribute to job creation and growth. 

VW reviews its procurement strategy in wake of supplier dispute

By: Reuters     30th August 2016 Volkswagen CE Matthias Mueller has vowed to review the German car giant's procurement strategy to avoid any repetition of the crippling supplier dispute that hit production at six plants this month. Still reeling from a diesel emissions scandal, VW will re-examine contracts that leave the group... 

Roodepoort Rocket back as DRDGold pays off-charts dividend 

By: Martin Creamer     30th August 2016 It will be tough for dump retreatment company DRDGold to beat this year’s results. The Johannesburg- and New York-listed company’s market capitalisation has rocketed from R700-million to more than R3-billion, reminding investors of its Roodepoort Rocket nickname of old, because of the way it... 

DRDGold CEO Niël Pretorius talks to Mining Weekly Online’s Martin Creamer about DRDGold’s incredible dividend year. Video and Video editing: Darlene Creamer 30.8.2016

ANC says has confidence in finmin Gordhan

By: Reuters     30th August 2016 South Africa's ruling African National Congress (ANC) has confidence in Finance Minister Pravin Gordhan, the party's Secretary General Gwede Mantashe said on Tuesday. The ANC backed Finance Minister Pravin Gordhan but said ministers should obey police summons issued during investigations, days... 

ANC says has confidence in finmin Gordhan
Photo by Duane Daws
ANC secretary general Gwede Mantashe

Gordhan jitters, oil strength slam brakes on fuel price drop

By: News24Wire      30th August 2016 Renewed oil price strength and a turnaround in the rand/US dollar exchange rate have put the brakes on the substantial fuel price drops suggested by mid-August data. This is according to the Automobile Association (AA), which was commenting on unaudited end-August fuel price data released by the... 

Gordhan jitters, oil strength slam brakes on fuel price drop

NPA says it will not rush decision on Sars case

By: African News Agency      30th August 2016 The National Prosecuting Authority (NPA) said on Tuesday it had no deadline for taking a decision on whether to charge those implicated in the politically explosive probe into the so-called rogue spy unit within the South African Revenue Service (Sars). “We have no timeline, we are not going to... 

NPA says it will not rush decision on Sars case

DRDGold dividend given sixfold uplift

By: Martin Creamer     30th August 2016 Dump retreatment company DRDGold on Tuesday announced a sixfold dividend increase for the year to June 30. The final dividend of 12c a share took the total declared dividend for this financial year to 62c a share, which is more than six times the 10c a share of last year. 

DRDGold dividend given sixfold uplift
Photo by Duane Daws
DRDGold CEO Niël Pretorius

Bidvest reports increase in trading profits amid challenging conditions

By: Anine Kilian     29th August 2016 JSE-listed Bidvest Group, which unbundled its food-services unit Bidcorp this year, has reported higher earnings before interest, taxes, depreciation and amortisation, which rose 3.9% to R7.3-billion for the year ended June 30, amid a lower net debt, which fell to R5-billion from R7.8-billion. In... 

Texton continues to diversify portfolio between UK and S Africa

By: Megan van Wyngaardt     29th August 2016 Diversified property real estate investment trust (Reit) Texton Property Fund has reported robust final results for the year ended June 30, declaring a total dividend of 103.63c a share and a 9.4% increase following the successful implementation of its geographical diversification strategy into... 

Eskom backtracks, wants review of green energy project

By: News24Wire      29th August 2016 While Eskom said it remains committed to sign all of the remaining renewable energy independent power producer procurement programme (REIPPPPPP) contracts under the current bid window, it reportedly backtracked on this pledge last week. Eskom CEO Brian Molefe reportedly refused to sign an... 

Companies failing to see risk in disruption – Grant Thornton

By: Creamer Media Reporter      29th August 2016 South African companies are missing an opportunity to leverage disruption and innovation to their favour, while closing their eyes to the negative consequences of not taking the potential impact seriously. The latest survey by Grant Thornton, released on Monday, shows that 63.4% of companies in... 

Platinum industry not mining anywhere near forecast demand – Northam 

By: Martin Creamer     29th August 2016 The platinum mining industry is not mining anywhere near the forecast demand of nine-million ounces by 2025, the nominal global demand quantum based on a modest compound annual growth rate of only 1.5%. Nine-million ounces is a large number relative to primary mine production out of Southern... 

Northam Platinum CEO Paul Dunne comments on platinum’s supply/demand outlook to Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Darlene Creamer

PRASA finances stabilising, but there is significant room for improvement – Letsoalo

By: Megan van Wyngaardt     29th August 2016 Despite recording R13.9-billion in irregular expenditure during the 2015/16 financial year, State-owned Passenger Rail Agency of South Africa (PRASA) still received an unqualified audit opinion from the Auditor-General. Speaking at a media briefing at its offices in Pretoria, PRASA acting CEO... 

PRASA finances stabilising, but there is significant room for improvement – Letsoalo

Vukile, Arrowhead and Synergy create new high-growth fund

By: Anine Kilian     29th August 2016 Property development companies Vukile Property Fund, Arrowhead Properties and Synergy Income Fund have concluded agreements for a transaction that will create a high-yield, high-growth fund within the existing entity of Synergy, which will be renamed GemGrow Properties.   The transaction is... 

Uncertain spring rainfalls not enough to end drought

By: Natasha Odendaal     29th August 2016 In the wake of a strong El Niño phenomenon aggravating South Africa’s already dry conditions, no relief is yet to be seen, as an anticipated counter, La Niña, has been weakened to the point that “neutral conditions may not be completely ruled out”, the South African Weather Service (SAWS) said on... 

Uncertain spring rainfalls not enough to end drought

SAA's R16bn loan appeal more proof for business rescue – DA 

By: News24Wire      29th August 2016 South African Airways’ (SAA) advert for a tender of R16-billion indicates the desperate financial position the airline is in and it should therefore be placed under business rescue, the Democratic Alliance (DA) said on Monday. The cash-strapped national carrier has turned to banking and... 

SAA's R16bn loan appeal more proof for business rescue – DA

Shares in Guptas' Oakbay Resources recover after 10% dive

By: News24Wire      29th August 2016 Shares in Oakbay Resources & Energy fell more than 10% on Monday after the Gupta family, which controls the firm's holding company, said at the weekend they will sell their South African businesses. Oakbay Resources was down 10.02% at R18.85 before recovering to R20.95 by 14:16.The scandal-hit... 

Shares in Guptas' Oakbay Resources recover after 10% dive

Calgro M3, SA Corporate partner to bridge gap in housing market

By: Creamer Media Reporter      29th August 2016 Property developer Calgro M3 and real estate investment trust (Reit) SA Corporate Real Estate have partnered to alleviate the shortfall of housing units in the low- to mid-cost segment of the residential market, especially in South Africa’s metros. The JSE-listed companies will establish a new... 

Calgro M3, SA Corporate partner to bridge gap in housing market

M1 bridge collapse inquiry postponed to March 2017

By: Anine Kilian     29th August 2016 The Department of Labour’s (DoL’s) inquiry into the causes of the M1 Grayston Drive pedestrian and cyclist structural bridge collapse has been postponed until March 27,  2017. The inquiry had been set to resume on Monday and continue until September 6, but the DoL had received a short-notice... 

M1 bridge collapse inquiry postponed to March 2017

Treasury, Eskom in war of words over cooperation in coal-contract review 

By: Terence Creamer     29th August 2016 The National Treasury has strongly disputed Eskom’s contention that it has been cooperating with its review of coal contracts involving the Gupta-family-linked Tegeta Exploration and Resources, indicating rather that its “efforts have met resistance” from the utility. It also disputed Eskom’s... 

Treasury, Eskom in war of words over cooperation in coal-contract review

Kia SA targets selective local assembly, plans bakkie launch in 2020

By: Irma Venter     29th August 2016 Kia Motors South Africa (KMSA) is close to finalising a deal with Hyundai Motors South Africa (HMSA) to assemble its K2700 and K2500 workhorse bakkies at HMSA’s Benoni plant, says KMSA CEO Ray Levin. HMSA assembles the Hyundai HD65 and HD72 medium-duty trucks at the Benoni facility, as well as... 

Kia SA targets selective local assembly, plans bakkie launch in 2020
Ray Levin

Maimane presses Madonsela on Gupta probe 

By: African News Agency      29th August 2016 The Democratic Alliance (DA) has demanded a progress report from Public Protector Thuli Madonsela on her investigation into the allegations of State capture by the Gupta family, party leader Mmusi Maimane said on Monday. “I have today written to the Public Protector, Thuli Madonsela, requesting a... 

Maimane presses Madonsela on Gupta probe
Photo by Duane Daws
DA Leader Mmusi Maimane

Chrome output becoming ‘strategic’ for Northam Platinum 

By: Martin Creamer     29th August 2016 Chrome ore is becoming increasingly strategic for platinum mining company Northam Platinum. The Johannesburg Stock Exchange-listed company, which produced 45.1% more chrome in the 12 months to June 30 than the prior year, expects to be producing at a rate of one-million tonnes of chrome ore a... 

Northam Platinum CEO Paul Dunne comments on chrome to Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Darlene Creamer. 29.8.2016

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